[Form 4] INNOVATE Corp. Insider Trading Activity

Rhea-AI Filing Summary

Paul Voigt, Interim CEO of INNOVATE Corp. (VATE), reported the grant of three stock option awards on 09/15/2025. Each award covers 100,000 underlying shares of common stock for a total of 300,000 optioned shares, and each is reported as direct ownership. Exercise prices shown are $5.67, $4.22 and $25.00. The $5.67 exercise price was set at 110% of the 10-day VWAP on the grant date, per the filing. Listed exercisability and expiration dates include ranges through 09/15/2035 for one award and earlier expirations for others. The form is signed by Mr. Voigt and filed on 09/17/2025.

Positive

• Equity alignment: Grants provide direct ownership to the Interim CEO, aligning management incentives with shareholders.
• Market‑linked pricing: One award's exercise price is set at 110% of the 10‑day VWAP, tying that tranche to prevailing market value.

Negative

• Potential dilution: The options underlie 300,000 common shares, which may dilute existing shareholders depending on total outstanding shares.
• Missing vesting details: The filing does not disclose specific vesting schedules or performance conditions for the awards, limiting assessment of retention incentives and expense timing.

Insights

Corporate Governance Expert

TL;DR: Interim CEO received time‑based stock options totaling 300,000 shares; filing is routine but notable for grant size.

The Form 4 discloses three option grants to the reporting person, each for 100,000 shares and reported as direct ownership. One award explicitly ties the exercise price to 110% of the 10‑day VWAP on the grant date, indicating a performance/pricing linkage to market value at grant. The filing is straightforward and contains required dates, exercise prices, and exercisability/expiration windows. It does not include additional terms such as vesting schedules beyond exercisability or whether awards are time‑ or performance‑based other than the VWAP tie for one award.

Executive Compensation Analyst

TL;DR: Compensation action creates potential equity incentive worth three option tranches; materiality depends on company share count and vesting details not provided.

The disclosure shows three option grants with differing exercise prices, one linked to a VWAP multiple. Total underlying shares equal 300,000. The filing lists exercisability and expiration dates for the awards but does not provide explicit vesting schedules or fair‑value calculations. Without share count, dilution percentage and expense impact cannot be determined from this filing alone.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Voigt Paul

(Last) (First) (Middle)

295 MADISON AVENUE

12TH FLOOR

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
INNOVATE Corp. [ VATE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Interim CEO

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock option (Right To Buy)	$5.67(1)	09/15/2025		A		100,000		09/15/2026	09/15/2035	Common Stock	100,000	$0	100,000	D
Stock option (Right To Buy)	$4.22							09/15/2025	09/15/2034	Common Stock	100,000		100,000	D
Stock option (Right To Buy)	$25							10/29/2024	09/15/2033	Common Stock	100,000		100,000	D

Explanation of Responses:

1. The option award was granted on September 15, 2025 with an exercise price set at 110% of the 10-day VWAP on the date of grant.

Remarks:

	/s/ Paul Voigt	09/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

Who filed the Form 4 for VATE and what is their role?

The Form 4 was filed by Paul Voigt, who is identified as the Interim CEO of INNOVATE Corp.

What securities were reported on the Form 4 for VATE?

The filing reports three stock option (right to buy) awards, each covering 100,000 shares of common stock, totaling 300,000 underlying shares.

What are the exercise prices and grant date for the VATE options?

Grant date is 09/15/2025. Exercise prices shown are $5.67, $4.22, and $25.00. The $5.67 price was set at 110% of the 10‑day VWAP on the grant date.

Are the reported options beneficially owned directly or indirectly?

Each option award is reported as Direct (D) beneficial ownership in the filing.

When was the Form 4 signed and filed?

The signature on the filing is dated 09/17/2025.